An important note from our CEO.
Two years into our journey, and we are closer than ever to opening Toboggan Flats first building.
We are in the process of buying an empty office building in downtown Ottawa to convert it into 390 below-market rental coliving units.
Worker housing for 390 people. Opening date in early 2028. This is a great building to get the snowball rolling for Toboggan Flats.
We envision almost everything in the space is designed or manufactured in Canada. 10 local artists hired to make each floor unique. 14 connection spaces for the nearly 400 residents including a community kitchen, laundry/library combo, gym, and coworking spaces, complemented by a maker space, yoga studio, cinema suite, and a funky cafe lounge on the top floor.
This is not a typical rental apartment. You walk in, and it energizes you. The vibrancy is palpable.
TF Site #1 is right in the core of Ottawa. Steps from historic and hip Byward Market, a short stroll from the Rideau Canal and Parliament Hill. An easy walk to Bruyere Hospital and the University of Ottawa. Forget the 15-minute city… everything you need and want is within a 10-minute walk. Especially employment.
A virtually vacant office building that can be home to 390 people who want to live, work and play in downtown Ottawa. All of them paying below-market rents @ 30% of their income or less.
This is what Toboggan Flats set out to build – affordable coliving for young people downtown. We have found an amazing development partner – Windmill Developments. They have a deep commitment to sustainability, innovation and affordable housing and we have been working with them for almost two years on various opportunities. Their reputation in Ottawa and across the country is second to none. And, we’ve added global coliving industry expertise, with Mayank Pokharna from Everything Coliving and CEO Yianni Tsitouras from Global Coliving Operator of the Year 2025-POHA House joining our advisory board.
The Plan
We are currently negotiating an Agreement for Purchase and Sale to buy the building. Once signed, due diligence will confirm that the building meets our standards for conversion to coliving. Then we complete a more detailed design and construction budget. Finally, we secure financing to complete the sale and begin construction. None of this is easy. We still have a few snowy hills to climb. When we reach the top, we’ll have a beautiful view for the toboggan ride down!
The next hard part – raising money
This will be one of the most cost-effective ways to create below-market housing in Canada, at less than $200,000 per unit. We are building 390 units. That’s 390 people getting housing at 30% of their income. 390 people making new friends. 390 people adding vibrancy to the Byward Market.
If you do quick math, this is an $80 million project. To launch the project, we will need to raise ~$20 million in equity, and finance the remainder. Some may ask, “Couldn’t you start with a smaller building?”
We believe TF Site #1 is a great building. We love the location, the design and the community model it will bring. Most coliving developments in Europe have 250-500 units to leverage economies of scale. It means we need to work hard to rent the units at a time when rents are coming down and vacancy rates are up slightly. You know the saying, “Don’t let perfect be the enemy of great.” We could just wait, but instead, we are choosing inventiveness. That’s what Canada needs right now. We need to build, not stall.
How can you help?
Please send an e-transfer for $20 million to builditnow@tobogganflats.com. Ok, failing that, here are tangible ways to help.
We are looking for:
- Downtown Ottawa employers who want their staff closer to work, or space for project-based team members staying in Ottawa temporarily.
- Investors who care about impact, collective housing (student, senior etc.), purpose-built rental, and/or Canadian innovations, and want returns of 15-20%.
- Local organizations that might be interested in reserving a block of coliving units for their people.
- Governments to help in different ways. Coliving solves so many problems in one solution. Affordable housing, anti-loneliness, climate positive, and downtown revitalization. Introduce us to those who can help.
- Young people who want to move in when we open. Our target is January 2028. Sure, life changes, but join here to be the first to know when we open pre-rental.
Please introduce us or connect with us.
Finally, let’s look ahead to move-in day in early 2028 for the 6th floor at TF Site#1. An early-career nurse, a young AI entrepreneur, a visiting professor, a junior curator for the National Gallery, a store manager from the Rideau Centre, and an award-winning cocktail creator from The Hyde. There are four political party staffers sharing, four personal support workers sharing, and four friends who recently graduated from the University of Ottawa in Environmental Sciences sharing coliving apartments. They have all found a home at Toboggan Flats’ first building. Thirty-nine people who want to build friendships, build their careers, invest in the city core and save money while doing it. Coliving in a Canadian way.
Let’s build it!
Robert
